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<br />ATTACHMENT A <br />M I N U T E S <br /> <br /> <br />Eugene City Council <br />McNutt Room—City Hall—777 Pearl Street <br />Eugene, Oregon <br /> <br /> March 8, 2010 <br /> 5:30 p.m. <br /> <br />COUNCILORS PRESENT: Mike Clark, Andrea Ortiz, Jennifer Solomon, Chris Pryor, George Poling, <br />George Brown, Alan Zelenka, Betty Taylor. <br /> <br /> <br />Her Honor Mayor Kitty Piercy called the work session of the Eugene City Council to order. She adjourned <br />the Eugene City Council meeting and convened a meeting of the Eugene Urban Renewal Agency. <br /> <br />A. WORK SESSION: <br /> Downtown Financing Strategy <br /> <br />Agency Director Jon Ruiz said the agency was being asked to initiate the process for reviewing changes to <br />the downtown urban renewal district and the agency’s action would not be binding. He said the discussion <br />of financing and strategies represented a multi-pronged approach to fostering a vibrant downtown, boosting <br />the local economy and creating jobs. <br /> <br />Finance Director Sue Cutsogeorge reviewed the direction to staff to examine funding options for four <br />projects: Lane Community College (LCC), Veterans’ Administration (VA) clinic, Farmers’ Market and <br />downtown safety. She said the agenda packet included extensive information on the following funding <br />options: <br /> <br />? <br /> Existing resources <br />? <br /> General obligation bond <br />? <br /> Local option levy <br />? <br /> Downtown urban renewal <br /> <br />Ms. Cutsogeorge used a slide presentation to highlight the costs associated with the projects and funding <br />strategies. She noted that in each scenario the City would have to borrow money to pay for some of the <br />projects and interest on that debt was included in project costs. Total administration through FY09 is $1.2 <br />million. Debt issuance costs are about $150,000 for each kind of debt issued. The interest amount on new <br />debt varied among the funding packages; legal costs are estimated at $150,000, and administrative costs <br />were estimated at $150,000 annually through FY13 when construction is complete, and then would drop. <br /> <br />She identified the one-time funds that would be available to taxing districts if tax increment collections <br />ceased, as well as the ongoing funds. She said that staff was researching whether the funds available to <br />Eugene School District 4J would be an actual increase to revenue or an offset to State school funding. She <br />estimated that the average taxpayer’s bill would decrease by $1.66. She said local schools would receive <br /> <br /> <br />MINUTES—Eugene City Council March 8, 2010 Page 1 <br /> Work Session <br /> <br />